Out @ 31.50 for a quick 5.5% profit (my avg price was 29.90, also caught a monthly distribution). Yesterday's NAV was 31.79, close enough. I know it's not an exact science, but also shouldn't over-analyze when there is an inefficiency to exploit. As XBB holds at least 70% in government bonds, it's hard to imagine it could justifiably lose 10% of its value days after major interest rate cuts buy BoC. Corporate bonds were a wild card, which didn't mean XBB price was justified.
What happened I think, when the underlying corporate bonds had no liquidity or even no market, the ETF was still somewhat liquid and marketable. While you couldn't necessarily buy an individual bond for dirt cheap due to huge spreads (and didn't know what it was worth), the spread for XBB stayed reasonable. The sell orders drove down both bid and offer to the levels that implied the "worst case" scenario for corporate bonds. So, it could be statistically profitable to load on the ETF even as the market didn't figure out the fair price of all the underlying bonds.